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In early July 1997, the Thai baht was devalued following a speculative attack by currency traders. The fallout from this event went far beyond the usual consequences of speculative currency attacks. Devaluations followed in Malaysia, the Philippines, Indonesia and South Korea. In all five countries, economic activity went into a tailspin. The declines in industrial production following the currency crises were of magnitudes associated with economic depression. These declines are especially noteworthy in light of the extraordinary economic growth in these countries during the years preceding the crisis.